Nasdaq (Nasdaq: NDAQ) will be presenting at the following conferences in June with webcasts available at Nasdaq’s Investor Relations website: https://ir.nasdaq.com/. Who: Adena Friedman, Chair & CEO, Nasdaq What: William Blair 46th Annual Growth Stock Conference When: Wednesday, June 3rd, 11:40 AM ET     Who: Tal Cohen, President, Nasdaq What: Piper Sandler Global Exchange & Fintech Conference When: Thursday, June 4th, 9:00 AM ET     Who: Tal Cohen, President, Nasdaq What: Morgan Stanley US Financials Conference When: Tuesday, June 9th, 8:15 AM ET

Cboe to launch pre- and post-market trading sessions for select equity options, beginning July 13, 2026 Eligible equity options must meet minimum options volume and underlying equity market cap and liquidity thresholds Initiative builds on Cboe's efforts to expand investor access to U.S. markets Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced the Securities and Exchange Commission (SEC) has approved its filing to begin offering extended trading hours for select multi-listed equity options. Cboe Options Exchange (C1) plans to begin offering the extended trading hours on July 13, 2026, subject to SEC approval of a related rule filing.   The new multi-listed extended trading hours will include a pre-market session from 7:30 a.m. ET to 9:25 a.m. ET and a post-market session from 4:00 p.m. ET to 4:15 p.m. ET, Monday to Friday, covering some of the most actively traded and liquid symbols. Based on the proposed criteria, Cboe anticipates approximately 20 names — including all the Magnificent 7 stocks such as Nvidia, Tesla, and Apple, as well as other popular single-stock names like Palantir, Broadcom and AMD — to be available for trading at launch.  "Today's SEC approval marks an important milestone for the U.S. options industry, as Cboe continues to take the lead in expanding market access to meet growing demand from investors globally," said Meaghan Dugan, Head of U.S. Derivatives at Cboe. "By launching first with a select group of single-name options, we are deliberately taking a measured approach to help ensure market safeguards and investor protections remain in place. As the industry moves toward near-24x5 trading in equities, this development will also help better align options trading – especially in the most high-demand names – with their underlying securities, enabling investors to manage risk and seize opportunities more effectively in today's fast-moving markets." This is the latest effort by Cboe to meet demand for U.S. markets by expanding trading hours to broaden market access for international investors. Cboe currently offers near 24x5 trading in its Global Trading Hours (GTH) (8:15 p.m. ET to 9:25 a.m. ET) and Curb Trading Hours (4:15 p.m. ET to 5:00 p.m. ET) for several of its proprietary index options, including S&P 500 (SPX) Index options, Cboe Volatility Index (VIX) options, Mini S&P 500 (XSP) Index options and Russell 2000 (RUT) Index options. GTH and Curb volumes reached record levels in the first quarter of 2026, up 32% compared to the first quarter of 2025, driven in part by demand from customers in the Asia-Pacific region. In its U.S. equities business, Cboe currently offers trading from 4 a.m. ET to 8 p.m. ET on two of its four exchanges. Cboe also plans to launch 23x5 U.S. equities trading on its Cboe EDGX Equities Exchange (EDGX) in December, pending regulatory approval and industry readiness. The ability to trade single-stock options outside of the regular U.S. session may allow investors to better manage their options positions around market-moving events, such as pre- or post-market company announcements or macro-economic data releases that are historically released during the new windows. The post-market trading session will also provide investors with a 15-minute post-close window to manage positions in response to after-market events, potentially helping to reduce contra-exercise risk. To be eligible for the pre- and post-market sessions, equity options must for the preceding six months have an average daily volume of 150,000 contracts or higher, an underlying equity market capitalization of $50 billion or higher, and an underlying equity average daily trading volume of 10 million shares or higher. Cboe expects to update the multi-listed equity options class list semi-annually, once based on data from July 1 through December 31, and once on data from January 1 through June 30. For more information, visit Equity Options Extended Trading Hours FAQ.

MIAX Options and MIAX Emerald Options will increase the maximum valid bid/ask differentials for the following symbols: CELESTICA, INC. (CLS) DYCOM INDUSTRIES, INC. (DY) INHIBRX BIOSCIENCES, INC. (INBX) DIREXION DAILY MU BULL 2X SHARES (MUU) SILICON MOTION TECHNOLOGY CORP. (SIMO) TOWER SEMICONDUCTOR LTD. (TSEM) The changes to the extended quote width requirements will be effective on Friday, May 29, 2026, and remain in effect through Tuesday, June 30, 2026, unless withdrawn by the Exchanges before that time.For additional information on the expanded bid/ask differentials, please refer to the following Regulatory Circulars: MIAX Options RC 2026-74 MIAX Emerald Options RC 2026-60 Direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.   

The Commodity Futures Trading Commission moved to intervene in a lawsuit today in the U.S. District Court for the District of Rhode Island to halt the state’s efforts to apply state gambling laws against CFTC-registered contract markets.  In response to a complaint filed late last week by a CFTC-registered designated contract market threatened with impending unlawful enforcement by the state, Rhode Island filed a complaint of its own in a parallel state case on Friday seeking significant civil penalties. In a statement, Rhode Island’s attorney general demanded predictions market “stand down” and “disgorge their profits.” The CFTC’s action today reiterates its continued commitment to affirming exclusive jurisdiction over CFTC-registered prediction markets. The Rhode Island motion becomes the latest instance of states challenging CFTC’s jurisdiction, following litigation in Arizona, Connecticut, Illinois, New York, and most recently, Minnesota. “CFTC-registered exchanges have faced an onslaught of lawsuits seeking to limit Americans’ access to event contracts and undermine the CFTC’s sole regulatory jurisdiction over prediction markets. This power grab ignores the law and decades of precedent,” said CFTC Chairman Michael S. Selig. “Event contracts allow businesses and individuals to hedge event-driven risks, enable investors to manage portfolio exposure, and provide the public with information about the outcome of future events. These products are commodity derivatives and squarely within the CFTC’s regulatory remit. As I’ve said before, the CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives, and that’s exactly what we’ll do.”  The CFTC has clear and longstanding exclusive jurisdiction to regulate event contracts under the Commodity Exchange Act, which preempts state laws purporting to regulate designated contract markets, commonly referred to as prediction markets. The Commodity Exchange Act is designed to account for innovation in the financial markets, allowing for new and emerging use cases within CFTC-regulated markets. RELATED LINKS Motion to Intervene: Rhode Island Complaint: Rhode Island

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter of 2026. While the OCC has previously released its schedule of CRA evaluations for two quarters in advance, updates to CRA evaluation scheduling for community banks and the implementation of supervisory strategy process reforms constrain the agency’s ability to do so at this time. The OCC encourages public comment on the CRA-related activities of the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should be submitted to the banks themselves at the mailing addresses listed on the schedule or to the appropriate OCC supervisory office before the month in which the evaluation is scheduled. The OCC will consider all public comments received before the close of the CRA evaluation. The CRA evaluation schedule is available on the OCC’s website at: www.occ.gov/static/cra/exam-schedule/craqt326.pdf.

smartTrade Technologies, a global leader and specialist in ultra-low-latency, multi-asset electronic trading and payments solutions, today announced a partnership with LiquidityMatch LLC, the parent company of FXSpotStream LLC, providing its multi-asset trading technology to power RateStream LLC — a dedicated Fixed Income streaming solution designed to bring the efficiency of the Foreign Exchange markets to the Rates space. RateStream brings the proven no-cost-to-taker model — pioneered by FXSpotStream and trusted by leading global banks — to US Treasuries, with plans already underway to onboard European Government Bonds and additional Liquidity Providers later in 2026. smartTrade has been at the forefront of Fixed Income electronification across its multi-asset solutions, supporting a wide range of Fixed Income instruments for financial institutions. RateStream is a flagship demonstration of this established capability to support both buy-side and sell-side institutions. The partnership extends a long-standing technology relationship between the two firms. FXSpotStream set a new all-time ADV record of $173.6 billion in March 2026 — up 48.5% year-on-year — and has continued to operate at elevated levels through 2026. David Vincent, CEO & Co-Founder of smartTrade Technologies, said: “RateStream represents a significant moment for the Fixed Income market and a powerful demonstration of what a natively cross-asset platform can deliver. Our congratulations to Jeff Ward and the entire LiquidityMatch team on the launch. The same technical foundations that power RateStream already power FXSpotStream. By extending our proven technology into a new bank-owned venue, we are reinforcing what smartTrade clients already know: a single, modular, and operationally robust platform can deliver world-class trading and venue solutions across every asset class — with no compromise on performance, stability, or security.” Jeff Ward, CEO of FXSpotStream and RateStream, said: “smartTrade has been the technology partner behind FXSpotStream since the launch of our service and extending that partnership to RateStream was a natural progression. The platform has supported these sustained volumes with the ultra-low latency, stability, and service that are the hallmark of FXSpotStream — and that gave us full confidence in extending the same foundation to Fixed Income. By building on a shared technology foundation, we are able to deliver important synergies for our clients across FX and Fixed Income — including consistent performance, operational reliability, and a familiar user experience. This approach helps clients integrate and scale more efficiently, while enabling us to bring a high-quality Fixed Income service to market from day one. We look forward to continuing to work closely with the smartTrade team as RateStream evolves.”

EquiLend, a global fintech leader in securities finance, and Delta Capita, the global financial services consulting, managed services, and technology firm, today announced a new strategic partnership. This partnership will see Delta Capita serving as an implementation partner for EquiLend Spire, a securities finance platform, supporting the continued expansion and optimization of the Spire client community. This joint venture combines EquiLend's Spire technology and product expertise with Delta Capita's domain experience in securities finance, large-scale system implementation, and change management. The two firms will deliver Spire engagements through a single, jointly governed model designed to give clients faster onboarding, and a clearer engagement model from day one. As Spire adoption continues to expand across the global securities finance market, this partnership extends EquiLend's existing implementation capacity. Delta Capita will support new client onboarding and upgrades through dedicated engagement teams operating within EquiLend's established scoping, delivery, and governance model. Sarah Carver, Global Head of Consulting at Delta Capita, said: "EquiLend Spire is a leading platform across the global securities finance industry, and we are pleased to be partnering with EquiLend to support its continued growth. Our role in this partnership is to bring the analysis discipline, delivery rigor, and securities finance domain knowledge to drive successful Spire projects. We're delighted to be working with EquiLend to put our capabilities behind every Spire client." Laurence Marshall, Managing Director of EquiLend, added: "Spire is critical infrastructure for securities lending operations, and we continued to invest in delivering the best possible client experience. Our partnership with Delta Capita expands the implementation resources available to Spire clients, supporting smooth onboarding and upgrades while ensuring clients can keep their Spire environments current as the platform continues to evolve."

For centuries, central banks have issued money and safeguarded its value. That mandate has not changed. What has changed is the technological environment around it. Consumers increasingly pay digitally, financial institutions explore new technologies, and new players and infrastructures are reshaping how money is used across the economy. If central banks want to ensure that money remains stable, trusted and usable, they must help bring it up to date with technological developments. In contrast, if central bank money does not adapt to technological change, it risks losing relevance in key parts of the economy. This would weaken the role of public money as an anchor of stability, as well as increase fragmentation and the risk of instability in the financial system. We believe the appropriate policy response is not to resist digitalisation but rather to extend central bank money into this new technological environment while preserving its core attributes: safety, uniformity and reliability. Keeping pace with the digitalisation of money and payments Let me start by outlining how digitalisation is having an impact on every layer of our monetary and payment systems, and the specific challenges this raises for the euro area. Retail payments are becoming increasingly digital and platform-based. Wholesale financial markets are evolving as tokenisation and distributed ledger technology (DLT) develop. Used in the right way, digitalisation could help reduce costs and speed up cross-border payments, while avoiding the risk of further fragmentation. Policy responses need to be coherent on those three fronts, ensuring that innovation, efficiency and integration advance without undermining financial stability and trust in central bank money. These responses must also reflect the specific conditions in each jurisdiction. In the euro area, we face three main challenges. First, for retail payments we do not have a European digital means of payment that works consistently and seamlessly across the entire euro area. The solutions offered by European private digital payment providers are only available at national level and for certain use cases, while central bank money exists solely in the form of banknotes and coins, which of course cannot be used for online transactions. As a result, we rely heavily on a few non-European providers for retail payments, and this dependence clearly poses a risk. Second, in wholesale markets, most large-value transactions between euro area financial institutions are currently settled in central bank money through TARGET services. But this could change if central bank money does not adapt to tokenisation, which has the potential to transform financial markets. Tokenisation and DLT promise to make capital markets more efficient. Yet without tokenised central bank money at its core, the new ecosystem would rely on fragmented pools of settlement assets. Third, cross-border payments remain too slow, too costly and too opaque. Digital transformation could further increase fragmentation in this area. For a highly open economy like the euro area, where external trade accounts for around half of GDP, this is a significant concern. Modernising central bank money We are addressing these problems with the three key pillars of our comprehensive payment strategy.[1] First, we are getting ready to potentially issue a digital equivalent of cash: the digital euro. Second, we will make it possible to settle DLT‑based transactions in central bank money as of September this year. Third, we are working on interlinking fast payment systems to enhance global cross‑border transactions. In the face of technological change, it is our duty to reshape how we provide public money, such that it remains a risk‑free settlement asset and a foundation of trust on which the private sector can innovate and develop. Private payment solutions can bring efficiency, new functionalities and customer‑facing advancements. The role of central banks is not to replace the private sector. Instead, we must ensure that public money continues to anchor the financial system as technology evolves. In the euro area, we are applying this principle across the board. A digital euro for retail transactions Digitalisation is transforming the way households and firms make everyday payments, yet access to central bank money remains confined to cash. This raises a vitally important question: how can public money remain usable and relevant in an increasingly digital economy? The digital euro is intended as a digital form of cash for day-to-day use in retail payments. The objective is not to replace physical cash or private payment solutions. Instead, we want to complement existing means of payment by ensuring that central bank money is always an option and is accepted throughout Europe. The digital euro is designed as a payment instrument, not as an investment product. We envision it as part of a broader public‑private payments ecosystem. It will not yield interest, and individual holdings will be capped to preserve financial stability and ensure banks continue to provide credit to the economy.[2] We are convinced that people should always have access to a public option to pay digitally, wherever they are in the euro area – the digital euro can make this a reality. It will be available both online and offline, supporting resilience and protecting privacy. And, by helping to reduce reliance on a few dominant players, it will cut costs for merchants and ultimately lower prices for consumers. The digital euro will also have legal tender status, and common standards adopted by virtually all points of sale across the euro area will facilitate its acceptance everywhere. Banks and other providers will be free to use this public infrastructure and thus to scale up the payment services they offer at European level. This will make it easier for private payment solutions to be rolled out throughout the euro area. We have recently signed agreements with three European standard‑setting organisations – European Card Payment Cooperation, nexo standards and the Berlin Group – so that their technical standards can be used for acceptance of digital euro online payments at points of sale.[3] By leveraging these open standards and working closely with the respective standardisation bodies, the ECB minimises adoption costs for the market. This approach will simplify digital euro acceptance, create a uniform user experience across the euro area and enable European payment schemes to expand without requiring technical upgrades to payment terminals. Assuming that European co-legislators adopt the Regulation on the establishment of the digital euro this year, a pilot exercise and initial transactions could take place as of mid-2027, and the digital euro could be ready for first issuance in 2029. Importantly, we will not need to wait until then to see the incentives materialise for private payment providers to expand their existing product offerings and geographical reach. Merchants will likely start to adopt these standards immediately after adoption of the digital euro Regulation. This step will remove any remaining uncertainty in this area, which has been under discussion for almost three years. A tokenised euro for wholesale transactions Let me now turn to wholesale transactions. Financial markets are undergoing structural change. By representing financial assets as digital tokens – or, put simply, files – tokenisation makes it possible to transfer and update assets more efficiently than is currently the case. It allows the entire life cycle of an asset – from trading to settlement to custody – to run on the same platform, available 24/7. And it supports automation through smart contracts. In a nutshell, tokenisation holds the promise of faster transactions with lower processing costs. However, this promise is predicated on the possibility of having on-chain settlement assets in tokenised form.[4]These may be either private or central bank liabilities, as is already the case today. Stablecoins are currently the leading private solution. They got off to an early start by offering a tokenised settlement asset widely used in crypto markets. More recently they have been put forward as a solution to improve cross-border payments. They can also be used to settle on-chain transactions of tokenised traditional assets. They offer speed, programmability and continuous availability. Stablecoins nevertheless carry credit and liquidity risk and may have an impact on financial stability.Their safety depends on the quality and liquidity of reserves, the robustness of redemption arrangements, and effective regulatory oversight. If widely adopted, they may bring about profound change in the role played by commercial banks in maturity transformation and as the major channel for financing the real economy.[5] But stablecoins are only one of several possible tokenised settlement assets. Tokenised deposits, for example, could offer a private alternative. Time will tell which of these private solutions will prevail or if they will manage to coexist.[6] In any event, in the Eurosystem we think that all forms of tokenised private money will benefit from the availability of tokenised central bank money. Central bank money provides risk-free settlement, ensures payment finality and supports confidence in market infrastructure. These aspects will help the tokenised ecosystem grow and will support integration. With a larger market, demand for all forms of tokenised settlement assets, including private ones, will increase. The result will be similar to the current system where public and private settlement assets coexist. To make sure that Europe reaps the benefits of tokenisation and supports the creation of an integrated European market for digital assets, the Eurosystem is pursuing a staggered approach.[7] We are connecting market DLT platforms to our existing TARGET services to be able to settle tokenised asset transactions in central bank money. As part of our Pontes project, this service will be available as of the third quarter of this year. We are working continuously with the private sector to establish a longer-term vision for how a fully integrated tokenised ecosystem could operate, including by inviting feedback on the Appia roadmap published earlier this year. We aim to present a comprehensive blueprint in 2028.[8] This work complements the European Commission’s efforts to remove regulatory barriers to the wider use of tokenisation. In particular, the Commission has proposed extending and simplifying the DLT Pilot Regime to enable firms to test and scale DLT applications. At the same time it is reforming the Central Securities Depositories Regulation to enable large-scale activities of central securities depositories using DLT. Looking ahead, it will also be important to consider whether fostering an integrated European market for digital assets would benefit from a dedicated EU legal framework allowing tokenised assets to be issued, held and transferred seamlessly across the EU.[9] Interlinked fast payment systems for cross-border payments Finally, let me turn to cross-border payments. Despite technological progress, cross-border payments remain comparatively slow, expensive and opaque when measured against domestic payments. These frictions affect households, firms and financial institutions. They hamper international trade and financial integration and make remittances slow and costly.[10] Addressing these frictions is a shared international policy objective which we are pursuing by giving strong support to the G20 cross-border payments agenda.[11] But these frictions could worsen if new technologies increase fragmentation. We therefore need to overcome this risk. The Eurosystem’s TIPS infrastructure already offers instant payments not only in euro but also in other currencies, including the Swedish krona and the Danish krone. But to take our response to cross‑border inefficiencies even further, we are working on interlinking fast payment systems available in many other countries, including outside the European Union.[12] This interlinking will allow payments to move seamlessly across borders without undermining countries’ monetary sovereignty, as could happen with the spread of stablecoins denominated in a dominant currency. This approach builds on existing infrastructures rather than replacing them with entirely new global systems. It promotes trust and protects the monetary sovereignty of the participating jurisdictions. Conclusion Let me conclude. Across retail, wholesale and cross‑border payments, our goal is to preserve trust and stability, as technology reshapes how money is used. The private sector will continue to drive innovation. By modernising central bank money where needed and making sure it is available across all domains, the public sector must make sure that it continues to be the anchor underpinning the financial system. Thank you. ECB (2026), The Eurosystem’s comprehensive payments strategy, 31 March. Cipollone, P. and Elderson, F. (2026), “Digital euro: an opportunity for banks”, The ECB Blog, 27 March. ECB (2026), “ECB signs agreements with European standard setters to facilitate digital euro payments”, press release, 24 April. See Cipollone, P. (2026), “Sparking the transformation of finance: tokenisation and the role of central banks”, keynote address at the 24th Annual Symposium on “Building the Financial System of the 21st Century: an Agenda for Europe and the United States”, hosted by the Harvard Law School and the Program on International Financial Systems, Washington DC, 15 April. See Altavilla C., Boucinha M., Burlon L., Adalid R., Fortes R. and Maruhn F. (2026), “Stablecoins and Monetary Policy Transmission”, Working Paper Series, No 3199, ECB, Frankfurt am Main, and Cipollone, P. (2026), “Digital assets, payment efficiency and monetary policy”, speech at a workshop on digital assets and monetary policy transmission organised by the European Central Bank, Banca d’Italia, the Euro Area Business Cycle Network and the Centre for Economic Policy Research, Rome, 4 May. See Lagarde, C. (2026), “Stablecoins and the future of money: separating functions from instruments”, speech by Christine Lagarde, President of the ECB, at the Banco de España LatAm Economic Forum in Roda de Bará, 8 May. See Cipollone, P. (2026), “Building the rails for Europe’s tokenised financial markets”, keynote speech at an event on “Building Europe’s integrated digital asset ecosystem: from vision to implementation” hosted by the House of the Euro, Brussels, 23 March. ECB (2026), Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT. See Cipollone, P. (2026), “Building the rails for Europe’s tokenised financial markets”, op. cit. See Panetta, F. (2026), “Interconnect to stabilize: cross-border payments in a fragmenting world”, keynote speech at the Embassy of Italy to the United Kingdom on ”Cross-Border Payments at a Turning Point”, London, 5 May. See paragraph 16 in G20 (2020), G20 Riyadh Summit Leaders’ Declaration, 22 November; Financial Stability Board (2020), Enhancing Cross-border Payments – Stage 1 report to the G20, 9 April; Committee on Payments and Market Infrastructures (2020), Enhancing cross-border payments: building blocks of a global roadmap – Stage 2 report to the G20, Bank for International Settlements,13 July; and Financial Stability Board (2020), Enhancing Cross-border Payments – Stage 3 roadmap, 13 October. See Cipollone, P. (2026), “The quest for cheaper and faster cross-border payments: regional and global solutions”, speech at the BIS Annual General Meeting, Basel, 27 June.

The Swedish Financial Supervisory Authority (FI) issues Norion Bank AB (Norion) a remark and an administrative fine of 90 million kronor for violations of anti–money laundering regulations. Summary Norion Bank AB (Norion or the bank) has authorisation to conduct banking business in accordance with the Banking and Financing Business Act (2004:297). Pursuant to this authorisation, the bank offers different types of loans, for example corporate and real estate loans, and deposit accounts, for example savings accounts. The bank also offers other types of financial services and products, such as factoring and payment services. The bank’s customer base includes both natural persons and legal entities.  Finansinspektionen has investigated, among other things, Norion’s compliance with customer due diligence provisions set out in the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630). The authority has reviewed the measures the bank has taken with regard to customers who are legal entities. The investigation shows that Norion has not taken necessary measures to sufficiently assess whether customers associated with a medium or high risk of money laundering and terrorism financing had beneficial owners who were politically exposed persons or family members or known colleagues of such a person. Neither has the bank taken any enhanced customer due diligence measures to obtain more detailed information about high-risk customers’ business activities or financial situation or the source of their money. There are no grounds on which to forego an invention against Norion. However, the violations are not so severe as to present cause to consider withdrawing Norion’s authorisation or issuing the bank a warning. Finansinspektionen is therefore issuing Norion a remark that, in order to be an adequate intervention, will be accompanied by an administrative fine of SEK 90 million.   Press Office    +46 (0)8-408 980 33

Gold-i, a global leader in FX and crypto trading technology, is offering its clients access to the largest onchain options exchange, Derive.xyz through its ultra-low latency multi-asset liquidity management and distribution platform, MatrixNET. This is Gold-i’s second DeFi integration, following on from its recent integration with Hyperliquid, a decentralised exchange for perpetual futures and spot crypto trading. By integrating Derive.xyz into MatrixNET, Derive’s liquidity can be accessed by Gold-i’s large client base of brokers, prop trading firms and fund managers via a range of platforms including MT4, MT5, DXtrade and CLEO. The integration also creates opportunities for Gold-i to expand to Derive’s client base of treasuries and foundations. Nick Forster, CEO, Derive.xyz said, "Being the first options protocol integrated into MatrixNET is a meaningful milestone; it signals that institutional infrastructure is taking onchain derivatives seriously. More importantly, it opens a door that wasn't there before. Institutional users of MatrixNET can now access Derive's onchain options liquidity directly, without friction. TradFi and onchain are converging, and this integration is exactly the bridge we always knew was coming." Tom Higgins, CEO, Gold-i added, “Derive is a market leader in the rapidly growing niche area of onchain options, currently doing about 90% of onchain options volume. Integrating Derive into MatrixNET aligns perfectly with our strategy of connecting clients to the best liquidity venues across both TradFi and DeFi. “Having had a fantastic response from clients since announcing our Hyperliquid integration, we believe this latest integration will further enhance our offering, enabling clients to access new opportunities through a seamless, institutional-grade environment.” Gold-i’s MatrixNET, trusted by brokers, fund managers, prop trading firms and crypto institutions worldwide, empowers users with a multitude of routing and aggregation methods and the ability to tailor execution models to suit the unique preferences of different client types. Amongst the many benefits, Gold-i’s ultra-low latency liquidity management platform enables institutional clients to access deep liquidity pools, achieve better prices, gain more clients and reduce toxic trading.

The Depository Trust & Clearing Corporation (DTCC) is in the final stages of preparing for the National Securities Clearing Corporation's (NSCC) transition to 24-hour, 5-day-a-week (24x5) trading, set to go live on June 28. This move represents a major expansion of access to U.S. equities markets, driven by growing demand from global retail investors who wish to trade across different time zones. Val Wotton, Managing Director and Global Head of Equities Solutions at DTCC, commented on the upcoming launch, stating, "With one month to go... the industry is entering the final stage of readiness for a significant expansion in access to U.S. equities markets." Wotton highlighted that this milestone is a crucial step toward creating a more accessible and globally connected marketplace. In the lead-up to the go-live date, DTCC has been collaborating closely with its members and infrastructure partners to ensure a smooth transition. The focus has been on maintaining the resilience of clearing, risk management, and liquidity processes as trading activity extends over a longer day. "We remain focused on supporting a smooth transition and enabling market participants to operate confidently in an environment that expands access and participation in U.S. markets,” Wotton added. The initiative aims to provide a robust framework that supports the extended trading hours while ensuring market stability and security.

Thank you Linda, and thanks to the Institute of International Economic Law at Georgetown Law for having me. I have to begin by reminding you that my views are my own as a Commissioner and not necessarily those of the Commission or my fellow Commissioners. Given that this workshop is part of the PETshop series, I feel I need to start with a twist on the Pet Shop Boys’ famous line: “You’ve got the brawn; You’ve got the brains; Go make good privacy tech.” I signed on to be part of this conference very early on in the planning process, because privacy-enhancing technologies and the policy issues they raise are very important to me and should be to everyone in government. We regulators serve the American people, and privacy is integral to people’s safety in this digital world. Their need for privacy should be our concern. Too often, though, the discourse in this city about privacy casts anyone who demands it in a negative light. I have watched in troubled amazement as the goal of facilitating government surveillance drives regulatory decisions and expectations about how products and services should be built. The legitimate needs of people for products that protect their privacy take a backseat. Empowering government to be able to identify, pursue, and punish the bad guys is important to the security of the nation and its people, but so too is empowering people to protect information about their lives, including their financial lives. Helping people to keep financial transactions private obstructs criminals who seek to steal and terrorize. We cannot let a legitimate desire for security from reprobate nation states and criminal organizations steal the freedom that defines this nation and its people. I urge us as a society to view technologies as an opportunity to increase people’s ability to protect themselves from bad actors, not as an opportunity for the government to watch more of what its citizens do. These new technologies should be an opportunity for us to refocus government surveillance on bad actors and activities that are most likely to be nefarious and away from the everyday actions of innocent people. So often in a discussion about privacy, we talk about how we can balance the need to keep personal information private with the need to defend our nation. But little focus is often given to the fact that these interests are not diametric opposites. In fact, privacy can help enhance investor protection. We think about this fact in the context of the Crypto Task Force’s work. Current regulations require transfer agents to record the name and physical address of security holders. Permissionless crypto networks allow for the movement of funds through pseudonymous public wallet addresses. On many crypto networks, these addresses allow anyone to verify exactly where a certain asset resides. The address also allows for a degree of privacy; my public address is just a code of alphanumeric characters with no personally identifiable information. If transfer agents were given the flexibility to record that securities reside on the blockchain at a public address, we could save investors the risk of having to hand over information about where they live to people they have never met and rarely interact with. Another honeypot of data would be spared. I understand skepticism and fear about technology. Over the weekend, I listened to a Lone Ranger episode on an old-time radio show. I identified with the curmudgeon who tried to block the telegraph lines from crossing his land. He changed his tune when the same telegraph he condemned enabled his daughter to get the lifesaving medicine she needed. That old radio show is a good reminder for all of us that first impressions of technology are often incomplete. In an environment full of curmudgeons, this group is a breath of fresh air. I appreciate your efforts to show us how we can use new technology to preserve privacy while allowing regulatory agencies to pursue their legitimate responsibilities. You recognize the legitimate concerns about the technology but are optimistic enough to think you can build solutions that address them without compromising fundamental rights. If you have technologies that you think could accomplish the goals of Know Your Customer (KYC) and anti-money laundering regulations while limiting the collection and storage of personally identifiable information, please reach out and talk with the Crypto Task Force. Thank you for your time. I’m happy to take questions and make this more of a dialogue.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial technology, and Cognition, the AI agent lab, today announced a strategic partnership to deploy Cognition’s AI software engineer, Devin, to accelerate the modernization of core banking technology and shorten the time it takes for new capabilities to reach Fiserv financial institution clients. By shortening release cycles and strengthening platform performance, the partnership supports Fiserv’s ability to deliver innovation at speed, while maintaining stability, security, and resilience. Modernization is among the most significant and historically slowest initiatives in financial services. Devin is uniquely suited to accelerate this work, operating at scale across complex codebases. Fiserv plans to deploy Devin across core platform modernization and other strategic engineering initiatives — executing complex engineering work in parallel and accelerating the pace at which Fiserv ships new capabilities to clients. As part of the deployment, Fiserv is also strengthening governance and security controls for AI-assisted development to help protect the integrity of the software lifecycle.  This partnership builds on Fiserv's broader commitment to embed AI across its technology operations and product development in ways that translate into tangible client value. Devin's ability to take on end-to-end engineering tasks including understanding codebases, writing, and testing code, and iterating autonomously, extends engineering capacity so teams can focus on delivering high-quality improvements that matter most to clients, from shipping enhancements, strengthening quality checks, to improving platform resilience. The collaboration reflects Fiserv's strategy to bring AI into every part of how it serves financial institutions — from the technology and engineering that power Fiserv platforms, to the operations that support them. "Speed matters more than ever in banking, and our clients are counting on us to deliver. With Devin, we can accelerate modernization of the platforms our clients run their business on, ship new capabilities faster, and free our teams to focus on the work that matters most," said Dhivya Suryadevara, Co-President of Fiserv. "Fiserv is exactly the kind of organization where Devin creates compounding value — massive scale and an engineering organization that has ambitious goals for what it needs to build and maintain," said Russell Kaplan, Co-Founder and President, Cognition. "We are proud to partner with Fiserv to help teams deliver measurable improvements, so clients see faster access to new capabilities, more consistent releases, and continued focus on quality and security." Fiserv is among a growing number of financial services organizations deploying Devin to accelerate product delivery, modernize platforms, expand automated testing, and strengthen governance for AI-assisted development ensuring innovation reaches clients faster and more reliably.

The Stock Exchange of Thailand (SET) has been monitoring trading activity of securities in the ETRON sector and has observed that, over the past week, prices and trading volumes have increased significantly. This was partly driven by strong operating results and investment plans announced by companies involved in AI and Data Center businesses, both domestically and internationally. However, certain securities within this sector have seen prices, trading volumes, and turnover ratios rise substantially, with Price-to-Earnings (P/E) and Price-to-Book Value (P/BV) ratios reaching elevated levels, reflecting speculative activity beyond fundamental support. If abnormal trading conditions are detected, such as prices, volumes, or turnover ratios reflecting excessive speculation without fundamental support, or if trading conditions remain inconsistent with fundamentals even after the market surveillance measures have been applied, SET will consider imposing the Market Surveillance Measures Level 1 or escalating to higher-level measures  (Level 2 and 3) as appropriate. Currently, CCET and SMT are subject to the Market Surveillance Measures Level 1, and DELTA remains in its Cooling Period and may be subject to an escalation of measures. Therefore, SET urges all investors to carefully consider fundamental data and other material information before making any trading decisions. Remark: Under the Market Surveillance Measures, securities companies are required to comply with the following:              Level 1: Excluded from credit limit calculation; purchase by Cash Balance only (100                          percent cash payment required)             Level 2: All Level 1 measures, plus prohibition on net settlement and trading via auction                           method only.             Level 3: A one-day suspension of trading, followed by all Level 2 measures upon                           resumption of trading.   Cooling Period: During the one-month period following removal of the Market Surveillance Measures, if any abnormality is detected, the security will be reinstated under the Market Surveillance Measures or placed under a higher level of measures if the trading abnormality has increased.

Oxford Risk, the leading behavioural finance fintech serving wealth managers, advisers, banks, and pension providers, today publishes new research revealing that standard risk-profiling approaches can materially underestimate the level of investment risk that is suitable for many investors. The analysis, based on 87,109 investors assessed using Oxford Risk’s suitability tools, compares each investor’s Attitude to Risk with their Suitable Risk Level. It finds that, where suitability is assessed only by reference to Attitude to Risk, or where Risk Capacity is not modelled systematically, many investors would be placed in portfolios that are too cautious for their overall financial position. Oxford Risk’s modelling suggests that placing investors at their modelled Suitable Risk Level, fully accounting for both upward and downward differences from Attitude to Risk, produces an aggregate projected growth differential of 7.5% over 10 years in an average market, rising to 17.6% in a very good market. These figures compare modelled outcomes from investing clients according to Attitude to Risk alone with investing them according to their Suitable Risk Level. Attitude to Risk reflects an investor’s stable, long-term willingness to accept the possibility of lower long-term outcomes for a greater chance of higher long-term returns. Suitable Risk Level is the risk level appropriate for the investor’s investible assets once the full suitability picture is considered, including Risk Capacity, Behavioural Capacity, Knowledge and Experience, and relevant preferences. Put simply, Attitude to Risk is not being changed. It remains the anchor for the investor’s overall willingness to take risk. But where an investor has strong wider financial circumstances, including total wealth, future earnings, spending resilience, and limited reliance on current investible assets, those investible assets may need to take more risk to ensure the investor’s overall financial position is aligned with that willingness. The cost of under-risking The findings show a significant asymmetry in how suitability may affect investment risk levels. Across the sample, 55% of investors had a higher Suitable Risk Level than their Attitude to Risk alone would indicate, compared with 14% whose Suitable Risk Level was lower. This matters because the industry has traditionally focused heavily on preventing investors from taking too much risk. That remains essential. But Oxford Risk’s analysis shows that the opposite problem can also be material: investors may be left too conservatively positioned if their financial capacity to take risk is not properly captured and systemised. Even across the full sample, where upward and downward differences partly offset each other, the modelled effect remains material. For individual investors whose Suitable Risk Level differs significantly from their Attitude to Risk, the difference in long-term outcomes can be much larger. For wealth managers and advisers, these figures represent not just a client outcome issue, but a commercial one. Across a client base of meaningful scale, systematic under-risking can become a significant drag on AUM growth and on the long-term value that advice delivers. A structural gap in suitability practice Greg Davies, Head of Behavioural Finance at Oxford Risk, said: “The industry has spent years making sure investors are not put into portfolios that are too risky for them. That is right. But it is only half the suitability challenge. “Our research shows that more than half of investors in this sample had a higher Suitable Risk Level than their Attitude to Risk alone would indicate. This is not about encouraging reckless risk-taking. It is about recognising that Attitude to Risk is only one part of suitability. “For many investors, especially those with strong Risk Capacity, their investible assets need to take more risk so that their overall wealth position is aligned with their underlying willingness to take risk. If firms only systemise the reasons to reduce risk, but not the reasons to take more, clients can be left too conservatively positioned. The cost compounds quietly over time.” James Pereira-Stubbs, Chief Client Officer at Oxford Risk, said: “For wealth managers, this is not a niche modelling issue. It is a growth, client outcome, and Consumer Duty issue. Firms need to show that they are helping clients take the right level of risk, not simply avoiding excessive risk. “At scale, small systematic errors in risk matching can compound into material foregone wealth for clients and lower AUM growth for firms. Better suitability is not a brake on growth. Done properly, it is one of the foundations of it.” The research highlights the particular challenge in the mid-range Attitude to Risk bands, including Medium Low, Medium, and Medium High, where investors with apparently similar Attitudes to Risk can have very different Suitable Risk Levels. This reflects the complexity of factors that bear on suitability at these levels, including current wealth, future earnings, spending needs, reliance on investible assets, Knowledge and Experience, and Behavioural Capacity. Oxford Risk argues that addressing this blind spot requires a more systematic approach to suitability: one that treats Attitude to Risk as a stable anchor, models Risk Capacity at the level of the investor’s total wealth and financial circumstances, and applies the same rigour to identifying when investors can appropriately take more risk as it does to identifying when they should take less. In practical terms, this means moving beyond risk questionnaires that produce a single score, towards suitability frameworks that combine psychological willingness, total-wealth Risk Capacity, behavioural resilience, Knowledge and Experience, and relevant investor preferences. Methodology note The model compares projected 10-year outcomes from investing according to Attitude to Risk alone with projected outcomes from investing according to Oxford Risk’s Suitable Risk Level, using Oxford Risk’s risk-level return assumptions under average and very good market scenarios. The analysis assumes a standard investment value of £100,000 for each investor, so that the results reflect differences in suitable risk positioning rather than differences in client wealth.

BMLL, the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world’s financial markets, today welcomes Five Rings to its Client Product Advisory Board (CPAB).  Five Rings is a New York-based proprietary trading firm founded with a vision of combining quantitative expertise, rapid innovation, and highly-scalable technology to succeed in today’s global markets, trading in various domestic and international markets, both established and esoteric.  They join the CPAB in support of its mission to elevate the standard of historical market data for the benefit of the entire industry and to offer its breadth of technological and market structure expertise  to help shape BMLL’s future product roadmap. Five Rings values BMLL Data Lab, the scalable Python research sandbox that provides access to full-depth, Level 3 order book data; and BMLL Data Feed for flexible data delivery.  With experience in quantitative trading across asset classes, Five Rings relies on high-fidelity data to explore new market opportunities, to make effective data-driven decisions, and to enhance its quantitative research and analytics workflows. BMLL added OPRA options data in November 2024, and today, over seven years of historical, nanosecond unconflated OPRA options data are available to market participants globally, complementing BMLL’s existing US equity and futures datasets. OPRA options data is immediately available via BMLL Data Lab and BMLL Data Feed, via AWS S3, and at multiple levels of conflation that suit clients’ individual specific requirements. Parker Lim, Head of Special Projects, Five Rings, said: “We work in teams of quantitative researchers, developers, and traders, continuously seeking new opportunities and deploying our strategies. BMLL’s high-quality data and research environment have become instrumental as we continue to expand into new markets and modes of execution, enabling us to perform reliable quantitative analysis to move quickly from insight to implementation.”  BMLL Chief Executive Officer, Paul Humphrey, said: "The CPAB continues to gain strong momentum as a client-led initiative, and we’re delighted to welcome a highly sophisticated firm like Five Rings to the community. Leading firms like theirs are placing trust in our data normalisation capabilities and are increasingly leveraging our historical data to shape their global strategies.  While their involvement gives them visibility of and input into the evolution of BMLL’s product offering, their contribution to the CPAB provides us with valuable insight as we look to elevate the standard of historical market data across the industry.” Launched in February 2025, in response to client requests, the CPAB is a forum that aligns the leading sovereign wealth funds, asset managers, banks, liquidity providers, and proprietary trading firms around a common goal: to set the standard of historical data across the industry. Specifically, member firms collaborate and define best-in-class data symbology and normalisation processes and protocols, data delivery methods and coverage needs, and make these available to the wider market.  Globally, BMLL’s historical market data now covers more than 100 trading venues, spanning global equities, ETFs, futures and US equity options; its equities offering covers 100% of the MSCI World Index.

Nasdaq (Nasdaq: NDAQ) announces that trading in BioMar Group A/S (ticker: BIOMAR TEMP) commences today on the Nasdaq Copenhagen Main Market. BioMar is a Large Cap company within the Supersector and the 12th company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2026.  BioMar is the world’s third-largest global producer of feed for high-value farmed fish and shrimp by volume, supporting a more efficient and sustainable global aquaculture industry through innovation and partnerships.  “Our listing on Nasdaq Copenhagen marks a major and exciting milestone in BioMar’s history. I would like to thank our new shareholders for the trust and confidence you have shown in us. Your support confirms a shared belief in the need to prioritise building better food systems, and that efficient and sustainable feed solutions will be fundamental to the future of aquaculture. I am happy to witness that cornerstone investors, a broad range of institutional investors, and so many retail investors are joining us on this long-term journey. Alongside our leadership team, I look forward to shaping BioMar’s future as a listed company, driving innovation and long-term value creation,” says Carlos Diaz, CEO of BioMar Group.  “We are pleased to welcome BioMar Group to the Nasdaq Copenhagen Main Market. This listing marks an important milestone for the local capital market, and we look forward to following BioMar’s journey as a listed company. We are committed to supporting its continued growth, innovation and contribution to a more sustainable aquaculture industry,” says Carsten Borring, Head of Listings, Nasdaq Copenhagen.   *Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic 

The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: EU ESG Ratings Regulation (ESGRR) Defined ranking system (2853) Transitional provisions (2854) ESG rating providers established after date of entry into force (2855) Material changes to registration information (2856) Market Abuse Regulation (MAR) Regulation Annually conducted audit under Commission Delegated Regulation (EU) 2016/957 (2839) Markets in Crypto-Assets Regulation (MiCA) Exemption from white paper requirements when offering a crypto-asset other than an ART or EMT (2671) Questions and Answers section

Good morning. It is an honor to be here at the Bank of Japan, and I appreciate the opportunity to speak with you today.1 I am looking forward to our discussion, but first I want to share some framing thoughts. I will briefly discuss three developments in the global economy that I am monitoring, and then I will update you on my outlook for the U.S. economy and the path of monetary policy. The first global development I am tracking is the significant increase in energy prices due to the conflict in the Middle East. The rise in crude oil prices poses downside risks to growth and upside risks to inflation around the globe. Elevated energy prices are particularly challenging for countries like Japan that are net energy importers. While being a net energy exporter buffers the U.S. to an extent against energy shocks, it is not immune to the effects of disruption to global supply. Gasoline prices in the U.S. increased significantly since the onset of the conflict and remain notably elevated. I am watching whether higher energy prices will start to weigh on consumer spending. The second development is the rapid advancement of artificial intelligence (AI) technology. As a central banker, I am optimistic about AI's promise to drive productivity and growth, though I am also monitoring its effects on the labor market and inflation. And the third development is the effects of disrupted trade flows on the global economy. Since the pandemic, there have been multiple disruptions to global trade that have affected both supply and price levels. Against this global backdrop, my focus, of course, is on the U.S. economy. Recent economic growth in the U.S. has been solid, though I expect a more modest pace of growth this year as households face high energy costs. The U.S. labor market is broadly stable, with both hiring and firing at relatively low levels. I see risks to the labor market as somewhat skewed to the downside. Disinflation in the U.S. stalled over the preceding year, largely because of increased tariffs. In recent months, inflation moved notably higher because of higher energy costs. I expect inflation to decline later this year as the effects of tariffs and the energy shock wane, but I view risks around my inflation outlook as tilted to the upside. I am firmly committed to returning inflation to the Federal Open Market Committee's (FOMC) 2 percent target, aligned with our dual-mandate objectives of price stability and maximum employment given to us by Congress. At our last meeting, in late April, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent. I believe this policy stance leaves us well positioned to respond to economic developments based on the incoming data, the evolving outlook, and the balance of risks. I have not prejudged the next meeting and look forward to engaging with my colleagues about the policy necessary to best achieve our dual-mandate goals. Thank you once again for the opportunity to speak with you today. I look forward to our discussion. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. 

Under the U.S. G20 Presidency, G20 and Paris Club members have published a template MOU to demonstrate the features of a sovereign debt treatment by official bilateral creditors under the Common Framework.  Publishing the template achieves a key deliverable for the U.S. G20 Presidency.  The template outlines the general terms and conditions between borrowing countries and their official bilateral creditors, which will help to increase the transparency of the process and improve the speed and clarity of debt restructurings.  Such transparency not only improves the monitoring of debt developments and helps to address vulnerabilities, it also facilitates coordinated action to achieve faster debt workouts. To view the template MOU, click here.